Bawan’s 2024 profit dips 22% to SAR 106M; Q4 at SAR 30.3M

19/03/2025 Argaam Exclusive

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Bawan Co. posted a 22% drop in the 2024 net profit to SAR 106 million, compared to SAR 136 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	3,351.81	3,020.20	(9.9 %)
Gross Income	385.73	368.97	(4.3 %)
Operating Income	177.13	155.09	(12.4 %)
Net Income	136.04	106.03	(22.1 %)
Average Shares	60.00	60.00	-
Earnings Per Share before unusual items (Riyals)	2.14	1.77	(17.4 %)
EPS (Riyals)	2.27	1.77	(22.1 %)

The annual bottom line was hurt by a decline in net profits from the metal and wood segments, primarily due to a drop in the average selling prices of wood products along with lower sales volumes of metal products.

The company also cited a decline in other income and investments gains from financial assets at fair value. Operating expenses and Zakat charges also increased.

Bawan incurred advisory and financing expenses of SAR 7.3 million due to the acquisition of Petronash.

On the other hand, sales from the plastics and electrical segments increased, driven by sales of new products. However, a drop in the sales volumes of iron and a decrease in the average selling prices of wood products pushed the company’s revenues down by 9.9% year-on-year.

Finance costs went down in 2024, Bawan added.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	859.28	821.17	(4.4 %)
Gross Income	107.18	119.52	11.5 %
Operating Income	45.78	51.20	11.8 %
Net Income	36.37	30.31	(16.6 %)
Average Shares	60.00	60.00	-
Earnings Per Share before unusual items (Riyals)	0.61	0.51	(16.6 %)
EPS (Riyals)	0.61	0.51	(16.6 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	682.60	821.17	20.3 %
Gross Income	81.55	119.52	46.6 %
Operating Income	33.72	51.20	51.8 %
Net Income	23.45	30.31	29.3 %
Average Shares	60.00	60.00	-
Earnings Per Share before unusual items (Riyals)	0.39	0.51	29.3 %
EPS (Riyals)	0.39	0.51	29.3 %

The fourth-quarter net earnings fell by 17% to SAR 30.3 million from SAR 36.3 million in Q4 2023.

Sequentially, net profit jumped 29.3% from SAR 23.4 million in Q3 2024.

Total shareholders’ equity, after minority interest, rose to SAR 928.78 million as of Dec. 31, 2024, compared to SAR 919.92 million a year earlier.

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Quarterly Actuals vs Estimates 19/03/202519/03/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
DAR ALARKAN	155.00	353.38	128.0 %
TAIBA	76.20	90.07	18.2 %
QACCO	70.12	81.80	16.7 %
RIYADH CEMENT	72.34	81.33	12.4 %
BAWAN	31.00	30.31	(2.2 %)
SIPCHEM	91.12	19.90	(78.2 %)

Company	Estimated	Actual	Change
SIPCHEM	91.12	19.90	(78.2 %)
BAWAN	31.00	30.31	(2.2 %)

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